First Trust Advisors LP Cuts Stock Position in iRhythm Technologies $IRTC

Key Points

• First Trust Advisors LP reduced its iRhythm Technologies position by 21.7% in the first quarter, selling 13,213 shares and retaining 47,589 shares valued at approximately $5.6 million.
• Institutional sentiment was mixed, with Vanguard, Geode, UBS AM and Millennium Management increasing their holdings, while RTW Investments initiated a new position.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $184.71, despite several firms recently lowering their targets. IRTC opened at $124.66 and has traded between $100.85 and $212.00 over the past year.

First Trust Advisors LP trimmed its holdings in shares of iRhythm Technologies (NASDAQ:IRTC - Free Report) by 21.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 47,589 shares of the company's stock after selling 13,213 shares during the quarter. First Trust Advisors LP owned approximately 0.14% of iRhythm Technologies worth $5,616,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in iRhythm Technologies by 2.2% in the 4th quarter. Vanguard Group Inc. now owns 3,310,519 shares of the company's stock valued at $587,418,000 after acquiring an additional 70,420 shares during the last quarter. RTW Investments LP acquired a new position in shares of iRhythm Technologies during the 4th quarter worth approximately $209,732,000. Geode Capital Management LLC grew its position in shares of iRhythm Technologies by 8.6% in the fourth quarter. Geode Capital Management LLC now owns 858,405 shares of the company's stock valued at $152,337,000 after purchasing an additional 68,301 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of iRhythm Technologies by 45.6% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 829,862 shares of the company's stock valued at $147,251,000 after purchasing an additional 259,800 shares in the last quarter. Finally, Millennium Management LLC increased its holdings in shares of iRhythm Technologies by 197.4% in the fourth quarter. Millennium Management LLC now owns 826,376 shares of the company's stock valued at $146,632,000 after purchasing an additional 548,519 shares during the last quarter.

Analyst Upgrades and Downgrades

IRTC has been the topic of a number of recent research reports. The Goldman Sachs Group lowered their price objective on iRhythm Technologies from $184.00 to $147.00 and set a "neutral" rating on the stock in a research note on Thursday, April 9th. JPMorgan Chase & Co. cut their target price on iRhythm Technologies from $215.00 to $175.00 and set an "overweight" rating for the company in a research note on Friday, May 1st. HC Wainwright reissued a "buy" rating on shares of iRhythm Technologies in a research report on Monday, June 1st. Wells Fargo & Company lowered their price target on shares of iRhythm Technologies from $200.00 to $180.00 and set an "overweight" rating on the stock in a research report on Friday, May 1st. Finally, Needham & Company LLC upped their price objective on shares of iRhythm Technologies from $254.00 to $255.00 and gave the company a "buy" rating in a report on Friday, May 1st. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, iRhythm Technologies currently has a consensus rating of "Moderate Buy" and an average target price of $184.71.

iRhythm Technologies Stock Performance

Shares of iRhythm Technologies stock opened at $124.66 on Tuesday. The company has a debt-to-equity ratio of 4.03, a current ratio of 5.17 and a quick ratio of 4.98. The stock has a market capitalization of $4.10 billion, a price-to-earnings ratio of -144.95 and a beta of 1.30. The business has a 50-day moving average of $113.99 and a 200 day moving average of $125.41. iRhythm Technologies has a 12 month low of $100.85 and a 12 month high of $212.00.

Insider Buying and Selling at iRhythm Technologies

In related news, Director Abhijit Y. Talwalkar acquired 5,312 shares of iRhythm Technologies stock in a transaction dated Monday, May 11th. The stock was acquired at an average price of $10.71 per share, for a total transaction of $56,891.52. Following the transaction, the director owned 25,611 shares of the company's stock, valued at $274,293.81. This represents a 26.17% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.98% of the company's stock.

About iRhythm Technologies

iRhythm Technologies, Inc is a medical technology company that develops and commercializes wearable cardiac monitoring devices and associated data analytics services. Founded in 2006 and headquartered in San Francisco, California, the company's flagship product is the Zio® patch, a discreet, single-use, continuous ECG recorder designed to monitor heart rhythms for up to 14 days. iRhythm's digital diagnostics platform combines biosensor technology with proprietary algorithms to detect arrhythmias and streamline data interpretation for physicians.

The Zio service is prescribed by cardiologists and other healthcare providers to aid in the diagnosis of atrial fibrillation, bradycardia, tachycardia and other rhythm disorders.

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